Renewables for industry
This report presents the findings of the University of Technology Sydney’s review of ARENA’s Renewable Energy Venture Capital Fund program (REVC Fund).
ARENA engaged UTS to conduct a mid-term evaluation of the Renewable Energy Venture Capital Fund (REVC). The evaluation was conducted by University of Technology Sydney who were commissioned by ARENA. Overall the evaluation suggests the Fund has filled, and continues to fill, a market gap in early stage renewable energy funding in Australia. Mid-way through the fund’s life, portfolio company success is mixed so far, with it being too early to tell what the eventual impact will be for several companies. This picture of mixed success is consistent with venture capital (VC) patterns in renewable energy (RE) in other countries and in other sectors, where it is expected that some companies will fail, and others will succeed – a reflection of the higher risk associated with earlier stage investments.
The REVC is now in its management phase. ARENA is acting on the two evaluation recommendations relating to this phase of the fund’s life.